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Nifty IT index slips 5%; Infosys, Tech Mahindra, LTTS, Wipro down over 5%

The deterioration of the US corporate sector profitability would lead to tighter IT spending

TCS, Wipro, Infosys, IT Companies
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SI Reporter Mumbai
Shares of information technology (IT) companies under pressure on Thursday with the Nifty IT index slipping 5 per cent on report that foreign brokerage firm JPMorgan has downgraded the IT sector and has cut target multiples.

Meanwhile, domestic brokerage firm Nirmal Bang Equities, too, has slashed both target PE multiples as well as FY24 earnings estimate for the sector amid margin concerns. The brokerage firm believes that the pain it had anticipated for the sector will likely be felt earlier on both valuation as well as earnings. The deterioration of the US corporate sector profitability would lead to tighter

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First Published: May 19 2022 | 1:23 PM IST

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